India: SAIL Pig Iron Auction Receives Good Response, Entire Quantity Sold

Steel Authority of India Ltd (SAIL) conducted an auction for around 3,000 MT steel grade pig iron today (9 May'20) from its Rourkela steel plant (RSP). The auction witnessed active participation over reduction in base price by INR 550 (USD 7.5)/MT against the last auction held on 06 May'20.

SteelMint learned from its reliable sources that the total offered pig iron quantity got booked today at the price range of INR 21,950-22,150/MT EXW-Rourkela. The improved response in today's auction is attributed to competitive base price in comparison to private mills & traders in neighboring markets.

The current pig iron offers from private mills & stockiest are assessed at INR 23,400-23,500/MT ex-Durgapur, INR 23,200-23,400/MT ex-Raipur, INR 22,800-22,900/MT ex-Raigarh & INR 25,900-26,100/MT FoR Ludhiana.

In the last auction conducted by SAIL RSP on 06 May'20, about 93% of the offered material remained unsold and remaining lots received bid at INR 22,500/MT EXW-Rourkela.